Bank of America Balance Transfer Cards and How They Work
Bank of America offers balance transfer options through specific credit cards that let you move debt from another card to a new Bank of America account, usually at a lower interest rate for a set period. The bank does not run a separate balance transfer program outside of its credit card products — you transfer a balance by opening one of their cards designed for this purpose, and the transfer happens as part of your new account setup.
When you open a Bank of America balance transfer card, you can request to move an existing balance during the process process or shortly after approval. Bank of America sends the payment directly to your old card issuer to pay down that debt. You then owe Bank of America instead, ideally at a reduced rate during an introductory period.
The main trade-off is that balance transfer cards charge a fee — usually 3% to 5% of the amount you transfer — and the low introductory rate lasts only a set number of months before the regular rate kicks in. If you can pay off most or all of the transferred balance before that period ends, the card can save you money. If you cannot, you may end up paying more interest than you would have on your original card.
Key Takeaways
- Bank of America balance transfers happen through credit cards, not a standalone program, and you request the transfer when you open the card or within a few weeks after approval.
- You will pay a one-time balance transfer fee of 3% to 5% of the amount transferred, charged to your new Bank of America account.
- The introductory interest rate period typically lasts 6 to 21 months depending on the card, after which the regular purchase or cash advance rate applies.
- Bank of America transfers the payment directly to your old card issuer, so you do not handle the money yourself.
- You should compare the introductory period length and fee against other banks' offers, because the best deal depends on how much you owe and how quickly you can pay it down.
Which Bank of America Cards Offer Balance Transfers
Bank of America rotates which cards carry balance transfer offers, and the terms change throughout the year. As of now, cards that commonly include balance transfer options are the Bank of America Cash Rewards card, the Bank of America Travel Rewards card, and the Bank of America Unlimited card. However, you should check the current offer on Bank of America's website or call 1-800-435-7000 to confirm which cards have active balance transfer promotions and what the terms are.
Each card has different introductory rates and time periods. One card might offer 0% APR for 12 months on transferred balances, while another offers 0% APR for 18 months but charges a higher transfer fee. The regular purchase APR and annual fee (if any) also vary by card. You need to look at the specific offer for each card to know what you are getting.
Bank of America also sometimes runs limited-time promotions where the balance transfer fee is waived or reduced. These offers appear on the card's product page and in the terms you receive after approval. If you are considering a transfer, it is worth checking whether a fee waiver is currently running.
How to Request a Balance Transfer from Bank of America
You can request a balance transfer in two ways: during the credit card process process, or after your new card arrives. If you request it during process, you will see a field asking whether you want to transfer a balance. You enter the name of the card issuer you are transferring from, the account number, and the amount you want to move. Bank of America will then process the transfer once your new card is approved.
If you do not request a transfer during process, you can call Bank of America at the number on the back of your new card within 60 days of opening the account. Have your old card number and the amount you want to transfer ready. A representative will walk you through the process and confirm the transfer fee and timeline.
Bank of America typically processes the transfer within 7 to 14 business days. During that time, continue making at least the minimum payment on your old card to avoid late fees. Once the transfer posts, your old card balance will drop and your Bank of America balance will increase by the transfer amount plus the transfer fee.
Understanding Balance Transfer Fees and Interest Rates
The balance transfer fee is a one-time charge calculated as a percentage of the amount you transfer. If you transfer $5,000 and the fee is 3%, you will be charged $150, which Bank of America adds to your new account balance. This fee is not waived even if you pay off the balance during the introductory period — you pay it upfront as part of the transfer.
The introductory APR applies only to the transferred balance, not to new purchases you make on the card. If you use the card to buy something after the transfer, that purchase will accrue interest at the regular purchase APR from day one, even if you are still in the 0% introductory period for the transferred balance. This is why it is important to avoid new charges while paying down the transfer.
After the introductory period ends, the transferred balance will start accruing interest at the regular APR shown in your card agreement. This rate varies based on your credit score and current market conditions. You should know this rate before you transfer, because it determines whether the deal makes sense for your situation.
What Happens If You Cannot Pay Off the Balance in Time
If the introductory period ends and you still have a balance, interest will begin to accrue at the regular APR. For example, if you transfer $3,000 with a 0% introductory rate for 12 months and you still owe $2,000 when the 12 months are up, that remaining $2,000 will start earning interest at the card's regular rate — which could be 18% to 25% or higher depending on your creditworthiness.
To avoid this, calculate how much you need to pay each month to clear the balance before the introductory period ends. If you transferred $5,000 with a 3% fee ($150), your total balance is $5,150. If your introductory period is 12 months, you need to pay about $430 per month to pay it off in time. If that is not realistic for your budget, a balance transfer may not be the right choice.
Some people use a second balance transfer to another card to extend the 0% period, but this approach has drawbacks: you will pay another transfer fee, and you need to be approved for another card. It can also hurt your credit score if you open multiple cards in a short time.
How Balance Transfers Affect Your Credit Score
Opening a new Bank of America credit card will trigger a hard inquiry on your credit report, which can lower your score by a few points temporarily. Your score may also drop slightly when the new account is added to your credit history, because it lowers your average account age.
However, a balance transfer can improve your credit score over time if it lowers your overall credit utilization ratio. Credit utilization is the percentage of your available credit that you are currently using. If you transfer $5,000 from one card to a Bank of America card, your balance on the old card drops to zero, which can lower your utilization and boost your score — even though your Bank of America utilization goes up.
The net effect depends on your total available credit across all cards. If you have $20,000 in total credit limits and you move $5,000 from one card to another, your utilization stays the same. But if the old card had a low limit and the Bank of America card has a higher limit, your utilization may improve.
Alternatives to Bank of America Balance Transfers
Other banks offer balance transfer cards with different terms. Discover, Chase, Citi, and Capital One all have cards with 0% introductory periods on transfers, and some offer longer periods or lower fees than Bank of America's current offers. If you are shopping around, compare the introductory period length, the transfer fee, and the regular APR after the period ends.
Another option is a personal loan from a bank, credit union, or online lender. A personal loan has a fixed interest rate and a set repayment term, so you know exactly when the debt will be paid off and how much it will cost. Personal loans do not have introductory periods that expire, but they may have origination fees and higher interest rates than a 0% balance transfer offer.
If you have significant high-interest debt, you might also consider working with a nonprofit credit counselor to create a debt repayment plan. Organizations like the National Foundation for Credit Counseling offer free or low-cost guidance and can sometimes negotiate with creditors on your behalf.
Frequently Asked Questions
Can I transfer a balance from one Bank of America card to another Bank of America card?
No. Bank of America does not allow you to transfer a balance between its own cards. You can only transfer a balance from another bank's card to a new Bank of America card. If you want to move debt between Bank of America accounts, you would need to pay it down manually.
How long does a balance transfer take to show up on my Bank of America account?
Bank of America typically processes balance transfers within 7 to 14 business days. The transfer is sent directly to your old card issuer, so the timing also depends on how quickly that issuer processes the incoming payment. You can track the transfer status by logging into your Bank of America account online.
What if my balance transfer is denied?
Bank of America may deny a transfer request if your new card has not been open long enough, if the amount exceeds your credit limit, or if there is a problem with the account information you provided. If your transfer is denied, call the number on your card to ask why and whether you can resubmit the request with corrected information.
Do I have to transfer a balance to open a Bank of America balance transfer card?
No. You can open the card without requesting a transfer and use it for new purchases. However, if you do not transfer a balance, you will not benefit from the introductory 0% APR offer — new purchases will accrue interest at the regular purchase rate from day one.
Can I make payments on my transferred balance during the introductory period?
Yes. You should make regular payments on your transferred balance to pay it down before the introductory period ends. Bank of America will explore your payments to the transferred balance first if you have both a transferred balance and new purchases on the card. Making payments does not affect the introductory rate — it only reduces the amount owed.